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Disney+ average monthly revenue per paid subscriber is calculated using a daily average of paid subscribers for the period. Disney reported Capital Expenditure of (3.62 Billion) in 2022. For the prior-year quarter, intangible asset amortization was $447 million, step-up amortization was $167 million and amortization of intangible assets related to TFCF equity investees was $3 million. BURBANK, Calif.- The Walt Disney Company (NYSE: DIS) today reported earnings for its first fiscal quarter ended January 1, 2022. Disney+ is available in more than 80 countries and territories outside the U.S. and Canada. Disney reveals adjusted capital expenditures between quarters The monthly average paid subscribers is calculated as the sum of the beginning of the month and end of the month paid subscriber count, divided by two. Charges for the current quarter were for asset impairments, pension settlements and severance primarily at the Disney Parks, Experiences and Products segment ($92 million). Lower results at our consumer products business were due to the closure of a substantial number of Disney-branded retail stores in North America and Europe in the second half of fiscal year 2021. The increased operating income at our international parks and resorts was due to growth at Disneyland Paris and Hong Kong Disneyland Resort. The number I saw for the monorail, which is way past its design life, was over $1B. Sports programming costs and average viewership reflected the impact of 18 IPL cricket matches in the current quarter compared to 16 matches in the prior-year quarter. Subscribers to the bundled offering in the U.S. are counted as a paid subscriber for each service included in the bundle (Disney+, Hulu and ESPN+). The following table presents a reconciliation of the Companys consolidated cash provided by operations to free cash flow (in millions): The Company uses diluted EPS excluding (1) certain items affecting comparability of results from period to period and (2) amortization of TFCF and Hulu intangible assets, including purchase accounting step-up adjustments for released content, to facilitate the evaluation of the performance of the Companys operations exclusive of these items, and these adjustments reflect how senior management is evaluating segment performance. Disney Earnings: Parks See Huge Increase In Demand, Disney+ - Forbes IPL cricket matches typically occur in our second and third fiscal quarters. Higher volumes were due to increases in attendance, occupied room nights and cruise ship sailings. Total may not equal the sum of the column due to rounding. Depending on the market, our services can be purchased on our websites, through third party platforms/ apps or via wholesale arrangements. Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. During the current and prior-year quarters, the Company recorded charges totaling $92 million and $393 million, respectively. Direct-to-Consumer revenues for the quarter increased 38% to $4.6 billion and operating loss increased from $0.4 billion to $0.6 billion. Capital Expenditures (Other Assets)-----Net Assets from . Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations) or other business decisions, as well as from developments beyond the Companys control, including: each such risk includes the current and future impacts of, and is amplified by, COVID-19 and related mitigation efforts. Since early 2020 the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) and its variants. Earnings (loss) per share attributable to Disney(1): Weighted average number of common and common equivalent shares outstanding: Accounts payable and other accrued liabilities, Common stock, $0.01 par value, Authorized 4.6 billion shares, Issued 1.8 billion shares, Treasury stock, at cost, 19 million shares, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, Cash distributions received from equity investees, Net change in produced and licensed content costs and advances, Pension and postretirement medical benefit cost amortization. Tax benefit/expense is determined using the tax rate applicable to the individual item. . Walt Disney Co's Yearly Capital Expenditures Growth 5 Years Select the Comparisons : None Growth Rates Profitability Valuation Comparisons Management Effectiveness Financial Strength Efficiency Dividend Comparisons Select the Ratio: Annual Capital Expenditures Annual Growth Rates Y/Y Revenue Y/Y Op. Excluding certain items(1), diluted EPS for the quarter increased to $1.06 from $0.32 in the prior-year quarter. The increase in operating loss was due to higher losses at Disney+, and to a lesser extent, ESPN+, partially offset by improved results at Hulu. The average monthly revenue per paid subscriber for ESPN+ increased from $4.54 to $4.74 due to an increase in retail pricing, partially offset by a higher mix of subscribers to the bundled offering. The decrease at International Channels reflected the closure of channels, partially offset by higher operating income from channels that operated for the entire current and prior-year quarters. Operations Y/Y Subscription revenue growth was due to an increase in subscribers and higher rates driven by increases in retail pricing for the Hulu Live TV + SVOD service. Free cash flow is not a financial measure defined by GAAP. Disney Historical Cash Flow Statement Analysis | DIS - Macroaxis The following table presents a summary of the Companys consolidated cash flows (in millions): Cash (used in) provided by operations continuing operations, Cash used in investing activities continuing operations, Cash used in financing activities continuing operations, Cash provided by operations discontinued operations, Cash used in financing activities discontinued operations, Impact of exchange rates on cash, cash equivalents and restricted cash, Change in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash, beginning of period, Cash, cash equivalents and restricted cash, end of period. Advertising revenue growth was due to higher impressions, partially offset by a decrease in rates. More replication of IP in the parks and no real ingenuity.just great. DIS (The Walt Disney Co) Capital Expenditure - GuruFocus Walt Disney Co's Yearly Capital Expenditures Growth 5 Years - CSIMarket The decrease at Broadcasting was due to lower results at ABC and the owned television stations. Revenue per paid subscriber is calculated based on the average of the monthly average paid subscribers for each month in the period. The decrease in theatrical distribution results was due to losses on titles released in the current quarter, partially offset by income from the co-production of Marvels Spider-Man: No Way Home. During the prior-year quarter, the Company recorded charges totaling $113 million due to severance. DIS | Walt Disney Co. Annual Cash Flow Statement | MarketWatch In the current quarter, other expense, net was due to a loss from adjusting the Companys investment in DraftKings, Inc. to fair value ($432 million). Lower results at Disney+ reflected higher programming and production, marketing and technology costs, partially offset by an increase in subscription revenue. Disney's Streaming Business Is Still Losing Money. Here's What It Means The following section summarizes insights on The Walt Disney Company's Capital Expenditures: Sep 2014 Oct 2016 Sep 2018 Oct 2020 Oct 2022 200 B 400 B 600 B 800 B Performance Summary Walt Disney's latest twelve months capital expenditures is 1,110.4 billion The following table reconciles reported diluted EPS from continuing operations to diluted EPS excluding certain items for the first quarter: Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5). Certain statements and information in this earnings release may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements such as future performance, expected or estimated costs or impacts of certain items; the future impact of COVID-19 on our businesses; future business management; expected growth; the future of our business or Company; and other statements that are not historical in nature. The Walt Disney Co's cash flow for capital expenditures for the three months ended in Mar. Net of noncontrolling interest share, where applicable. Investments in parks, resorts and other property were as follows (in millions): Total Disney Parks, Experiences and Products, Total investments in parks, resorts and other property. Walt Disney's capital expenditures forecast for the next fiscal year is $5.029 billion. These operations resumed at various points since May 2020, initially at reduced operating capacities as a result of COVID-19 restrictions. Free cash flow is not a financial measure defined by GAAP. Cash provided by operations and free cash flow were as follows (in millions): Investments in parks, resorts and other property. The charges in the prior-year quarter were due to severance at our Disney Parks, Experiences and Products segment and in connection with the integration of TFCF Corporation (TFCF). Since 2018, Disney's EPS has been cut in half despite $162bn spent on mergers and acquisitions ("M&A"), capital expenditures ("Capex") and content - approximately equal to Disney's . Subscription revenue growth was due to an increase in subscribers and higher rates driven by an increase in retail pricing for the Hulu Live TV+ SVOD service in December 2020. Our other film and television distribution businesses were impacted by revenue lost from the deferral or cancellation of significant film releases, partially offset by costs avoided due to a reduction in film cost amortization, marketing and distribution costs. The decrease in advertising revenue was due to the comparison to the additional week of operations in the prior-year quarter, partially offset by an increase in rates. Operating versus Capital Expenditures; Depreciation, Amortization and Other Non-cash Charges; Capital Expenditures and Depreciation ; ROC, Cost of Capital, NPV and EVA . Advertising revenue growth was due to an increase in average viewership, partially offset by the comparison to the additional week of operations in the prior-year quarter. Lower results at our consumer products business were driven by lower royalties from the licensed game titles, Marvels Avengers and Twisted Wonderland. Walt Disney's latest twelve months capital expenditures is 3.72 billion. Higher Premier Access revenue was due to two releases in the current quarter, Black Widow and Jungle Cruise, compared to one release in the prior-year quarter, Mulan. The decrease at Cable was due to lower affiliate revenue, an increase in marketing costs reflecting more titles premiering in the current quarter, and, to a lesser extent, lower advertising revenue. after deduction of income attributable to noncontrolling interests. Free cash flow can be defined as a measure of financial performance calculated as operating cash flow minus capital expenditures. Since early 2020 the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) and its variants. August 12, 2022 Business of Disney In this week's Q3 earnings report, Disney revealed that they anticipate increasing capital expenditures to $6 billion in the coming years. The effective income tax rate was as follows: Income tax expense on continuing operations, Effective income tax rate continuing operations. Lower affiliate revenue was due to the comparison to the additional week of operations in the prior-year quarter and channel closures. The increase in average per capita ticket revenue was due to attendance mix and the introduction of Genie+ and Lightning Lane. For the prior-year quarter, intangible asset amortization was $451 million, step-up amortization was $286 million and amortization of intangible assets related to TFCF equity investees was $3 million. The average monthly revenue per paid subscriber for Disney+ Hotstar increased from $0.98 to $1.03 due to launches in new territories with higher average prices, partially offset by a higher mix of wholesale subscribers. The following table reconciles reported diluted EPS from continuing operations to diluted EPS excluding certain items for the year: For the current year, other (income) expense, net was due to gains from the sales of investments ($312 million), partially offset by a loss from adjusting our investment in DraftKings to fair value ($111 million). These increases were partially offset by lower costs for NBA and golf programming. The increase in sports programming costs was due to higher costs for cricket programming, partially offset by lower costs for soccer programming reflecting fewer games in the current quarter. Net of noncontrolling interest share, where applicable. PDF UNITED STATES SECURITIES AND EXCHANGE COMMISSION - The Walt Disney Company There were no significant titles released in the prior-year quarter. The decrease in interest expense was primarily due to lower average debt balances and interest rates. View The Walt Disney Company's Capital Expenditures trends, charts, and more. These operations resumed, generally at reduced capacity, at various points since May 2020. For the prior year, intangible asset amortization was $1,921 million, step-up amortization was $899 million and amortization of intangible assets related to TFCF equity investees was $26 million. Capital Expenditures For The Walt Disney Company (DISN) Higher costs were due to an increase in operating costs, due to volume growth, and higher marketing spending. The good news is that Walt Disney's (DIS 0.05%) streaming business lost a little less money last quarter than it did in the quarter before. Trian Nominates Nelson Peltz for Election to Disney Board The following tables present additional information about our Disney+, ESPN+ and Hulu Direct-to-Consumer (DTC) product offerings(1). Lower operating losses at Direct-to-Consumer were due to improved results at Hulu and, to a lesser extent, ESPN+, partially offset by higher losses at Disney+. In the prior-year quarter, other (income) expense, net included a gain from adjusting the Companys investment in DraftKings to fair value ($591 million) and the Endemol Shine gain ($65 million). Titles released in the quarter included West Side Story, Encanto, The Kings Man, Eternals, Nightmare Alley and The Last Duel. At last week's Q3 earnings call, The Walt Disney Company announced that the cut in capital expenditures has been reduced to $700 million. Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable. Capital expenditures increased from $1.0 billion to $1.2 billion primarily due to higher spending at Disney Media and Entertainment Distribution and Disney Parks, Experiences and Products. The decrease in interest income, investment income (loss) and other was due to lower investment gains, partially offset by a favorable comparison of pension and postretirement benefit costs, other than service cost, which was a net benefit in the current quarter and an expense in the prior-year quarter. Capital expenditures decreased from $4.0 billion to $3.6 billion driven by the temporary suspension of certain capital projects since the onset of COVID-19 in fiscal 2020 at Disney Parks, Experiences and Products as a result of COVID-19 although spending increased in the latter part of fiscal 2021 compared to fiscal 2020. These measures should be reviewed in conjunction with the most comparable GAAP financial measures and are not presented as alternative measures of cash provided by continuing operations, diluted EPS or income from continuing operations before income taxes as determined in accordance with GAAP. Content Sales/Licensing and Other revenues for the quarter increased 43% to $2.4 billion and segment operating results decreased from income of $188 million to a loss of $98 million. } Cash flow for capital expenditures refers to the funds spent for a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. The discussion will be archived. The increase in net income from continuing operations attributable to noncontrolling interests was due to higher results at ESPN. Capital Expenditures Growth For The Walt Disney Company (DIS) Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): Additional factors are set forth in the Companys Annual Report on Form 10-K for the year ended October 2, 2021 under Item 1A, Risk Factors, Item 7, Managements Discussion and Analysis, Item 1, Business, and subsequent reports, including, among others, quarterly reports on Form 10-Q and annual reports on Form 10-K. 3 Most Undervalued Stocks To Watch: August 2023 - Forbes Income Y/Y Income from Cont. Investor Relations The Walt Disney Company Discounted Cash Flow Statement (DCF The following table summarizes the first quarter results for fiscal 2022 and 2021 (in millions, except per share amounts): Income from continuing operations before income taxes, Diluted EPS from continuing operations(2), Cash (used in) provided by continuing operations. Get the tools used by (smart) 2 investors. The comparable GAAP measures are diluted EPS from continuing operations, income from continuing operations before income taxes, and cash provided by continuing operations, respectively. In India and certain other Southeast Asian countries, our service is branded Disney+ Hotstar. As a result of COVID-19-related timing shifts, we aired 13 matches in the current quarter and 44 matches in the prior-year quarter. The decrease was due to higher spending for film and television content and cash tax payments, partially offset by a favorable working capital impact as net working capital liabilities declined in the prior year as our businesses activities were suspended and increased in the current year as our business activities resumed. The increase in subscription revenue was due to subscriber growth and, to a lesser extent, an increase in retail pricing. Walt Disney's latest twelve months capital expenditures growth is -10.3%. Total may not equal the sum of the column due to rounding. The average monthly revenue per paid subscriber for Disney+ decreased from $4.52 to $4.12 due to a higher mix of Disney+ Hotstar subscribers in the current quarter compared to the prior-year quarter. Diluted EPS excluding certain items, total segment operating income and free cash flow are non-GAAP financial measures. The average monthly revenue per paid subscriber for the Hulu SVOD Only service decreased from $13.51 to $12.96 due to lower per-subscriber advertising revenue and a higher mix of subscribers to the SVOD Bundle, partially offset by an increase in retail pricing. after deduction of income attributable to noncontrolling interests. The decrease in interest expense was primarily due to lower average debt balances and higher capitalized interest. As we celebrate the two-year anniversary of Disney+, were extremely pleased with the success of our streaming business, with 179 million total subscriptions across our DTC portfolio at the end of fiscal 2021 and 60% subscriber growth year-over-year for Disney+. . For the current quarter, intangible asset amortization was $429 million, step-up amortization was $159 million and amortization of intangible assets related to TFCF equity investees was $4 million. event : evt, The Walt Disney Company Reports First Quarter Earnings for Fiscal 2022 In the prior-year quarter, the Company recognized a non-cash gain to adjust its investment in fuboTV, Inc. (fuboTV) to fair value. For the prior year, other (income) expense, net was due to a gain from adjusting our investment in DraftKings to fair value ($973 million) and the Endemol Shine gain ($65 million). The following table reconciles reported diluted EPS from continuing operations to diluted EPS excluding certain items for the fourth quarter: Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5). We have generally been able to release our films theatrically in the current quarter, although certain markets continue to impose restrictions on theater openings and capacity. The bundled discount is allocated to each service based on the relative retail price of each service on a standalone basis. Share price: $ 85.96: Beta: 1.276: Diluted Shares Outstanding: 1,827: COVID-19 reduced the content available for TV/SVOD distribution as a result of fewer films released theatrically and production delays. For the latest Disney Parks news and info, follow WDW News Today onTwitter,Facebook, andInstagram. BURBANK, Calif.The Walt Disney Company (NYSE: DIS) today reported earnings for its first fiscal quarter ended January 1, 2022. The following table provides additional summary stats: Compared to fiscal 2020, the Disney Media and Entertainment Distribution segment reflected higher advertising revenue from the return of live sporting events, which was more than offset by higher sports programming costs. 818-560-4832, Christina Robertson Capital Expenditures Forecast High Consensus For The Walt Disney In the prior-year quarter, Shanghai Disney Resort was open for the entire quarter, Walt Disney World Resort and Disneyland Paris were open for approximately 12 weeks, Hong Kong Disneyland Resort was open for approximately 4 weeks and Disneyland Resort was closed for the entire quarter. Hong Kong Disneyland Resort was open for 68 days in the current quarter compared to 42 days in the prior-year quarter. Operations Y/Y Net Income Y/Y DISCUSSION OF FOURTH QUARTER SEGMENT RESULTS. Disney Answers Universal With a Massive Theme Park Investment on: function(evt, cb) { Shanghai Disney Resort and Tokyo Disney Resort were open for the entire quarter in both the current and prior years. Subscribers cease to be a paid subscriber as of their effective cancellation date or as a result of a failed payment method. Tax benefit/expense is determined using the tax rate applicable to the individual item. Diluted earnings per share (EPS) for the fourth quarter increased 37% to $1.55 from $1.13 in the prior-year quarter. In certain Latin American countries, we offer Disney+ as well as Star+, a general entertainment SVOD service, which is available on a standalone basis or together with Disney+. Revenue and operating income growth was due to the reopening of our parks and resorts, which were open for the entire quarter this year. Capital Expenditures and Depreciation Expense. The following table presents supplemental revenue and operating income (loss) detail for the Disney Parks, Experiences and Products segment: Supplemental operating income (loss) detail. Walt Disney's net working capital last quarter was -6.873 billion. Lower TV/SVOD distribution results were due to a decrease in sales of film content, partially offset by an increase in income from sales of episodic content. To access the Webcast go to www.disney.com/investors. Disney expects capital expenditures in fiscal 2021 to be approximately $200 million lower than fiscal 2020 capital expenditures of $4 billion due to lower spending by the parks and resorts, and . Understand The Walt Disney Company Discounted Cash Flow Statement (DCF) change input and create cutom dcf, DIS stock. The decrease in operating income was due to decreases at Broadcasting and, to a lesser extent, at Cable. Disney has only a few significant projects on the horizon, including two more Disney Cruise Line ships, the EPCOT overhaul, the second phase of Walt Disney Studios Parks expansion in Paris, and some smaller investments at Shanghai Disneyland and Hong Kong Disneyland with Zootopia and Frozen areas respectively. Looking back at the last 5 years, Walt Disney's net . The Company evaluates the performance of its operating segments based on segment operating income, and management uses total segment operating income as a measure of the performance of operating businesses separate from non-operating factors. Capital Expenditures and Depreciation Expense. Disney reveals adjusted capital expenditures between quarters. The increase in interest income, investment income (loss) and other was due to the comparison to investment impairments recognized in the prior-year quarter, partially offset by higher pension and postretirement benefit costs, other than service cost. These costs totaled approximately $1 billion in fiscal 2021. Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable. Revenue and operating results for the Disney Media and Entertainment Distribution segment are as follows (in millions): Reflects fees received by the Linear Networks from other DMED businesses for the right to air our Linear Networks and related services. David Jefferson Segment operating results increased by $2.6 billion to income of $2.5 billion compared to a loss of $0.1 billion in the prior-year quarter.